Regen BioPharma Restructures Management Stock Compensation
1 hour 6 minutes ago - DJNF
Company cancels 31.5 million shares previously issued to the Management team, replacing them with non-trading Series M Preferred shares with terms tied to achievements
SAN DIEGO, March 15, 2017 /PRNewswire/ --
Regen BioPharma Inc. (OTCQB: RGBP), (OTCQB: RGBPP) announced that its management team has agreed to collectively cancel 16,500,000 common shares and 15,000,000 Series A Preferred shares. Of these amounts, 7,500,000 common shares and 2,500,000 Series A Preferred shares were already cancelled in December 2016 with the remaining shares being submitted for cancellation on March 13, 2017.
The Company has created a new class of stock, Series M Preferred which does not trade publicly. The management team will receive replacement shares for the publicly traded shares they cancelled. The Company's Chairman & CEO David Koos said "The Regen BioPharma Inc. management team collectively feel shifting our employment shares to Series M Preferred makes a huge statement on our commitment to and confidence in the long term growth of Regen. Our motivation and focus is long term shareholder value which we have just memorialized by accepting non-trading Series M Preferred stock for our publicly traded shares."
The Company believes this move will strengthen its relationship with its shareholders, as the compensation incentives for management are tied to achieving milestones.
